A new 14-month Stand-By Arrangement for $3.9 billion, which Ukraine agreed with the International Monetary Fund (IMF), lays the foundation for cooperation for the period beyond the presidential and parliamentary elections in 2019 and will help Ukraine further implement its fiscal and monetary policy, the Ministry of Finance has stated.

"The good news for us is the recognition of our progress in macroeconomic stabilization and reforms, it is an opportunity to ensure stability in the politically turbulent 2019, and confirmation of the faith of our partners in Ukraine," Acting Finance Minister Oksana Markarova said on her Facebook page.

In her opinion, the stand-by agreement will be a sufficient support for Ukraine as long as the country continues structural reforms. The minister noted that the economy has been growing for ten quarters in a row, inflation and budget deficit are under control, while other macroeconomic indicators also show a positive trend.

"Continuing cooperation with the IMF will allow our government to receive financing on very attractive terms and increase foreign exchange reserves, which now amount to $18 billion," she added.